Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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Inside Job transcript – Sony Pictures – September 2010 63 CHARLES FERGUSON: So what led you to think that it was? FREDERIC MISHKIN: I think that, uh, you're going with the information you have at, and generally, uh, the view was that, that, uh, that Iceland had very good institutions. It was a very advanced country – CHARLES FERGUSON: Who told you that? FREDERIC MISHKIN: – and [they had not] – CHARLES FERGUSON: Who did, what kind of research – FREDERIC MISHKIN: Well, it – CHARLES FERGUSON: – did you do? FREDERIC MISHKIN: – you, you talk to people, you have faith in, in, uh, the Central Bank, which actually did fall down on the job. Uh, that, uh, clearly, it, this, uh – CHARLES FERGUSON: Why do you have "faith" in a central bank? FREDERIC MISHKIN: Well, that faith, you, ya, d-, because you ha-, go with the information you have. 02:28:30.10 CHARLES FERGUSON: Um, how much were you paid to write it? FREDERIC MISHKIN: I was paid, uh, I think the number was, uh, it's public information. 02:28:43.10 {FREDERIC MISHKIN WAS PAID $124,000 BY THE ICELANDIC CHAMBER OF COMMERCE TO WRITE THIS PAPER.} CHARLES FERGUSON: Uh, on your CV, the title of this report has been changed from "Financial Stability in Iceland" to "Financial Instability in Iceland." FREDERIC MISHKIN: Oh. Well, I don't know, if, itch-, whatever it is, is, the, uh, the thing – if it's a typo, there's a typo. 02:28:55.21 GLENN HUBBARD: I think what should be publicly available is whenever anybody does research on a topic, that they disclose if they have any financial conflict with that research.
Inside Job transcript – Sony Pictures – September 2010 64 CHARLES FERGUSON: But if I recall, there is no policy to that effect. GLENN HUBBARD: I can't imagine anybody not doing that – in terms of putting it in a paper. You would, there would be significant professional sanction for failure to do that. 02:29:18.25 CHARLES FERGUSON: I didn't see any place in the study where you indicated that you had been paid, uh, by the Icelandic Chamber of Commerce to produce it. Um – FREDERIC MISHKIN: No, I {MUMBLE} – CHARLES FERGUSON: Okay. 02:29:30.24 NARRATOR: Richard Portes, the most famous economist in Britain, and a professor at London Business School, was also commissioned by the Icelandic Chamber of Commerce in 2007 to write a report which praised the Icelandic financial sector. 02:29:44.12 RICHARD PORTES: The banks themselves are highly liquid. They've actually made money on the fall of the Icelandic krona. These are strong banks; their funding, their market funding is assured for the coming year. These are well-run banks. NEWSMAN: Richard, thank you so much. NARRATOR: Like Mishkin, Portes's report didn't disclose his payment from the Icelandic Chamber of Commerce. 02:30:03.04 {JOHN CAMPBELL CHAIRMAN HARVARD ECONOMICS DEPARTMENT} CHARLES FERGUSON: Does Harvard require disclosures of financial conflict of interest in publications? JOHN CAMPBELL: Um, not to my knowledge.
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Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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